If I have a demand shifting factor that impacts the equilibrium price and quantity what happens to the industry? For example, for the gasoline industry, a scenario could be civil unrest emerging in Saudi Arabia, since they are the largest exporter of gasoline, this would impede gasoline supply

The example provided is related to supply. Let's examine how demand curve shifts can impact an industry.

• When demand shifts to the right, the equilibrium price and quantity both increase. This means that production and selling efforts will likely have ramp up in the industry. The industry will often hire more workers to produce more goods, invest capital into new factories/machinery in order to achieve economies of scale and a bigger budget for advertising and marketing will be allocated.
• When demand shifts to the left, the equilibrium price and quantity both decrease. This means that companies will likely sell fewergoods and thus many companies will need to layoff workers and cut costs in order to remain profitable. It can also be that smaller players in the industry shut down if they cannot be profitable in the short run.